Rising Interest Rates Prompting Homeowners to Stay in Place

The Great Recession still looms large in the housing market, as homeowners who took advantage of low interest rates at the beginning of the decade are increasingly electing to stay in their properties instead of trading up. “Although homeowners have more equity today, most of them also have ultra-low-rate mortgages they locked in during the […]

Forbes Recommends Shopping Around for Reverse Mortgages

In a wide-ranging dive into the pros and cons of taking out reverse mortgages, Forbes this week advised consumers to shop around. “Ideally, you’ll want to get at least three quotes,” financial planner and Forbes contributor David Rae wrote. “Make sure each proposed reverse mortgage shows a selection of margins and also illustrates how your […]

Reverse Mortgage Solutions Records $29.6M Loss as Ginnie Mae Buyouts Rise

Reverse Mortgage Solutions recorded $29.6 million in pre-tax losses during the second quarter of 2018, with management at its parent company in part blaming high costs associated with Ginnie Mae buyouts. In addition to elevated fair value losses, Ditech Holding Corporation (NYSE: DHCP) pointed to an extra $9.7 million in borrowing costs related to mandatory […]

China Pushes Reverse Mortgages as Demographic Peril Looms

As China faces the familiar demographic math problem causing economic headaches in countries around the world, the nation’s government has decided to expand its reverse mortgage program. The China Banking Regulatory Commission last week made reverse mortgages available to all homeowners aged 60 and older, according to a report from Sixth Tone, an online publication […]

Longbridge Introduces New Private ‘Platinum’ Reverse Mortgage

After teasing a new private reverse mortgage offering in the spring, Longbridge Financial on Monday formally announced its Platinum mortgage program, marking the latest in a string of new proprietary products hitting the market this year. With the Platinum, the Mahwah, N.J.-based Longbridge seeks to tap into a wider range of potential borrowers than the […]

Home Prices Continue Climbing Upwards as More People Stay Put

It’s almost sounding like a broken record at this point, but U.S. home prices continued their steady climb in June — and, combined with rising interest rates, the trend is prompting more and more people to stay in their homes instead of selling. Nationwide home prices rose 6.8% during the year ended June, according to […]

Income Inequality Could Disrupt Retirement Savings for Generations

Over the past decades, the gap between high- and low-income Americans has grown substantially, and should those trends continue, a large swath of future seniors could face a bleak retirement future. Working for the Urban Institute, a trio of researchers set out to examine the long-term effects of the income gap on the future of […]

No ‘Race to the Bottom’ in Reverse Mortgage Margin Competition

When the Department of Housing and Urban Development rolled out lower principal limit factors last year, many industry-watchers predicted that reverse mortgage originators would need to begin competing fiercely on margins. While the changes have brought some increased competition, margins on adjustable-rate Home Equity Conversion Mortgages appear to be settling in the 2% range, according […]

Boston National Hires Pope as Reverse Mortgage Executive

Title services firm Boston National hired Anneta Pope as its senior vice president, reverse mortgage executive, as the company attempts to bolster its reverse offerings. Pope will lead business development initiatives for the Charlotte, N.C.-based Boston National, while also spearheading education and training programs. The firm, part of Incenter’s lender services group, currently offers title […]

Bankruptcies Skyrocket Among Seniors Amid Soaring Health Costs

The steady erosion of Medicare and Social Security benefits, the shift away from defined benefit pensions, and rising health care costs have all been blamed for seniors’ financial woes over the last decade. Now a group of researchers has the bankruptcy data to prove it. Since 1991, the rate of Americans aged 65 to 74 […]